Anyone catch the USD/CHF IB downside breakout? It was too quick for me. (I need to learn how to set stops on MT4!).
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Disliked[font="]Trading the "hot hand": Trading the strongest/weakest market is actually really simple. For example, yesterday the Eur/Usd was up more proportionately than the Usd/Chf was down. This was because the Usd/Chf wasn't even a down day. Definitely off its highs but not down relative to last week's close. The Eur/Usd was up, up and away! So that is the market you buy.
See this statement from Peter....Ignored
DislikedTrading the "hot hand": Trading the strongest/weakest market is actually really simple. For example, yesterday the Eur/Usd was up more proportionately than the Usd/Chf was down. This was because the Usd/Chf wasn't even a down day. Definitely off its highs but not down relative to last week's close. The Eur/Usd was up, up and away! So that is the market you buy.
See this statement from Peter. When he said that he trades the strongest or the weakest market he will trade the one that has moved the most for the day....Ignored
DislikedIn fact he's saying that he trades the strongest currency against the weakest....
Let's say we have 2 DIBS setups..E/U and U/C.... most of the time (but not always) they move on opposed directions...
Let's say E/U is moving above the Daily Open, AND above the Weekly Open. Let's say now that U/C is moving bellow Daily Open BUT above Weekly Open.... The HOT HAND is E/U, cause its momentum is much more defined.... (above Daily AND Weekly open).... One could trade the U/C, but its momentum is less defined (below Daily BUT above...Ignored
DislikedAnyone catch the USD/CHF IB downside breakout? It was too quick for me. (I need to learn how to set stops on MT4!).Ignored
DislikedI was thinking this also. I'm not sure that ADR matters. This is a breakout strategy, and we are looking to catch the big breakouts which are outside the normal/average price action.
I don't recall Peter mentioning ADR as a filter. In fact, doesn't he mention that most people are tempted to trade the reversal if a market has moved a lot, and suggests we go WITH the trend for the day?
If he says trade the 'hot hand' then, until I learn otherwise, that is what I plan to do.Ignored
DislikedUpdate: When I try to set pending orders, eg: buy/sell stops, on MT4, I get a message saying that the "price must differ from market price by 60 pips".
Can anyone please advise? There must be a way to reduce this, or is it broker dependent?Ignored
DislikedI have written words I thought would help. I have learned a few things too.
For now my contribution here is finished.
Thanks to everyone on this thread.
Your contributions are and were most valuable. You will be missed, I also appreciate the PM's that you sent. Don't be a stranger, even if you just lurk from time to time. Good luck and many pips.
I was particularly impressed because his results were approximately what I had determined with even more rigorous modelling over a decade before.
Nathan has started trading DIBS live 3 weeks ago with a 50K account and is happy that he got in the big Eur/Usd trade that many of us took last Monday. The week started off with an inside hourly bar and after breaking out to the upside it has done nothing but gone higher. I'm still long because the market trend turned up over a week ago and my trail hasn't been hit. (and probably won't for a few weeks)
He asked me to thank the Forex Factory site and all of the other posters, those with positive and negative opinions, because he figured, "where there is smoke there is fire."
Why did he contact me to pass along the "news"?
He got to the point where better money management became necessary for effective trading and wondered if I could point him in the right direction. I did.
After reading the thread numerous times he's declining all the questions that
would be inevitable from his posting especially since the answers would all be
the same ones posted in the thread already.
DIBS is obviously still working for some of us.
The Eur/Usd breakout (chart attached) at the beginning of the week was a fun trade. I bought Eur/Usd at 1.2906, sold .5 of the position at 1.2925 for 19 pips (better than 1:1) and left the stoploss at 1.2890. I'm still long that trade as I write this. Currently Eur/Usd is at 1.3687- meaning 781 pips profit from a 16 pip risk.
Thanks Nathan, for the report on your efforts.
And thanks also to the fine individuals who have written to me with beneficial
DislikedHello to everyone who has contributed and benefited from this thread. I am very impressed with the size and quality of this major thread on FF.
I've never posted here, but from time to time have checked the progress of this ever burgeoning and vital thread. I can honestly tell you that many excellent and clear explanations given in this thread far exceed what my personal frustration index could have handled.
You who have contributed can be very proud of your accomplishments, especially because of the difficulty for the "average" desirous...Ignored
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